Changing trend
SPY opened up euphorically, up 2.9% at it's high for the day. Strong 2 way trade ensued as expected (noted yesterday). Index closed up 1.3%, but much lower than the open.
Thursday's strong down trend day was followed by sell into strength of Friday. Rips were sold, dips were grudgingly bought. SPY was down as much as 0.6% before buyers closed up the index for the day.
For the week, SPY lost 5%. Almost an outside week.
300 held like a champ, through 2 tests.
4 day island top is big resistance.
RSI is at 51.97%. When below 50% I expect deeper sell-off.
Quad witching is coming Friday. Last quad witching was on Mar 15, a strong down week,
Indicator divergence is notable on the chart.
Thursday's strong down trend day was followed by sell into strength of Friday. Rips were sold, dips were grudgingly bought. SPY was down as much as 0.6% before buyers closed up the index for the day.
For the week, SPY lost 5%. Almost an outside week.
300 held like a champ, through 2 tests.
4 day island top is big resistance.
RSI is at 51.97%. When below 50% I expect deeper sell-off.
Quad witching is coming Friday. Last quad witching was on Mar 15, a strong down week,
Indicator divergence is notable on the chart.
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